Your electric bill may be going up next year under a new rate hike being proposed by Con Edison.

The agency says an average city renter using 300 kilowatts a month could see their bill go up to about $86 starting next January.

That's a nearly 5 percent increase, but the exact amount depends on fluctuating energy prices and other factors.

Con Ed says the extra cost would net them $368 million in additional revenue—which will be used to pay for storm readiness, technological improvements and other projects.

Consumer advocates argue it's unfair to low and middle income customers.

The proposed increase needs to be approved by the Public Service Commission.